ERX vs. GUSH

Last updated Jun 24, 2026

ERX (Direxion Daily Energy Bull 2X Shares) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds from Direxion - ERX tracks the Energy Select Sector Index (300%) while GUSH tracks the S&P Oil & Gas Exploration & Production Select Industry Index (300%). Both are passively managed. Over the past 10 years, ERX returned -10.18%/yr vs -37.01%/yr for GUSH. Their correlation of 0.91 suggests significant overlap in exposure. ERX charges 1.09%/yr vs 1.17%/yr for GUSH.

Performance

ERX vs. GUSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Energy Bull 2X Shares (ERX) and Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ERX having a 44.06% return and GUSH slightly lower at 42.54%. Over the past 10 years, ERX has outperformed GUSH with an annualized return of -10.18%, while GUSH has yielded a comparatively lower -37.01% annualized return.

ERX

• 1D: 1.09%
• 1M: -16.23%
• YTD: 44.06%
• 6M: 45.10%
• 1Y: 53.56%
• 3Y*: 19.85%
• 5Y*: 25.26%
• 10Y*: -10.18%

GUSH

• 1D: -0.22%
• 1M: -19.15%
• YTD: 42.54%
• 6M: 41.51%
• 1Y: 31.85%
• 3Y*: 6.88%
• 5Y*: 6.25%
• 10Y*: -37.01%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ERX vs. GUSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	44.06%	2.79%	1.09%	-12.26%	130.58%	111.91%	-91.60%	17.13%	-55.94%	-11.60%
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	42.54%	-19.39%	-12.73%	-7.23%	66.47%	129.94%	-97.38%	-52.68%	-74.28%	-40.21%

Correlation

The correlation between ERX and GUSH is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 29, 2015	0.91

The correlation between ERX and GUSH has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

ERX vs. GUSH - Sectors Allocation Comparison

Sectors	ERX	GUSH
Energy	100.0%	96.8%
Basic Materials	-	3.2%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

ERX vs. GUSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ERX

ERX Risk / Return Rank: 37
ERX Sharpe Ratio Rank: 38
ERX Sortino Ratio Rank: 36
ERX Omega Ratio Rank: 34
ERX Calmar Ratio Rank: 39
ERX Martin Ratio Rank: 37

GUSH

GUSH Risk / Return Rank: 20
GUSH Sharpe Ratio Rank: 18
GUSH Sortino Ratio Rank: 20
GUSH Omega Ratio Rank: 20
GUSH Calmar Ratio Rank: 21
GUSH Martin Ratio Rank: 20

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ERX vs. GUSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bull 2X Shares (ERX) and Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ERX	GUSH	Difference
Sharpe ratio: Return per unit of total volatility	1.29	0.57	+0.72
Sortino ratio: Return per unit of downside risk	1.78	1.08	+0.70
Omega ratio: Gain probability vs. loss probability	1.22	1.13	+0.09
Calmar ratio: Return relative to maximum drawdown	1.89	0.88	+1.00
Martin ratio: Return relative to average drawdown	5.50	2.32	+3.18

ERX vs. GUSH - Sharpe Ratio Comparison

The current ERX Sharpe Ratio is 1.29, which is higher than the GUSH Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of ERX and GUSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ERX vs. GUSH - Drawdown Comparison

The maximum ERX drawdown since its inception was -99.54%, roughly equal to the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for ERX and GUSH.

Drawdown Indicators

	ERX	GUSH	Difference
Max Drawdown Largest peak-to-trough decline	-99.54%	-99.98%	+0.44%
Max Drawdown (1Y) Largest decline over 1 year	-28.49%	-36.18%	+7.69%
Max Drawdown (3Y) Largest decline over 3 years	-42.34%	-63.59%	+21.25%
Max Drawdown (5Y) Largest decline over 5 years	-46.90%	-73.64%	+26.74%
Max Drawdown (10Y) Largest decline over 10 years	-98.59%	-99.94%	+1.35%
Current Drawdown Current decline from peak	-92.73%	-99.83%	+7.10%
Average Drawdown Average peak-to-trough decline	-67.09%	-92.92%	+25.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.77%	13.77%	-4.00%

Volatility

ERX vs. GUSH - Volatility Comparison

The current volatility for Direxion Daily Energy Bull 2X Shares (ERX) is 14.48%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 18.01%. This indicates that ERX experiences smaller price fluctuations and is considered to be less risky than GUSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERX	GUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.48%	18.01%	-3.53%
Volatility (6M) Calculated over the trailing 6-month period	34.00%	44.07%	-10.07%
Volatility (1Y) Calculated over the trailing 1-year period	41.99%	56.58%	-14.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.92%	68.20%	-16.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.08%	93.43%	-24.35%

ERX vs. GUSH - Expense Ratio Comparison

ERX has a 1.09% expense ratio, which is lower than GUSH's 1.17% expense ratio.

Dividends

ERX vs. GUSH - Dividend Comparison

ERX's dividend yield for the trailing twelve months is around 1.86%, more than GUSH's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ERX Direxion Daily Energy Bull 2X Shares	1.86%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%	0.00%
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	1.75%	2.60%	2.96%	3.00%	0.47%	0.00%	0.20%	1.68%	0.17%	0.00%	3.26%

Frequently Asked Questions

Can I hold both ERX and GUSH in my portfolio?

ERX and GUSH have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ERX or GUSH?

GUSH has higher volatility (18.01%) compared to ERX (14.48%). In terms of maximum drawdown, ERX dropped -99.54% vs GUSH's -99.98%.

Which ETF is better, ERX or GUSH?

On 10-year performance, ERX leads with -10.18% vs -37.01% for GUSH. On fees, ERX is cheaper at 1.09% per year. On volatility, ERX has been the lower-risk option at 14.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ERX or GUSH?

Over the 10-year period, ERX has performed better with a -10.18% return vs -37.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ERX or GUSH?

ERX is cheaper with a 1.09% expense ratio, compared with 1.17% for GUSH.

Which ETF pays a higher dividend yield, ERX or GUSH?

ERX has the higher dividend yield at 1.86%, compared with 1.75% for GUSH.

What is the main difference between ERX and GUSH?

ERX tracks Energy Select Sector Index (300%), while GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%). Their fees differ too: 1.09% for ERX and 1.17% for GUSH.

Which has better risk-adjusted returns?

ERX currently has the higher Sharpe Ratio (1.29 vs 0.57), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.